FIIs sell stocks worth Rs 25000 crore this month, INR cautious after recent losses against US dollar

Published on Oct 27, 2023 12:22

The Indian rupee is witnessing cautious moves as traders are eying a sharp upmove in the US dollar yesterday and worries over the foreign investment inflows or FIIs stayed in place. INR extended its downward trend for the third consecutive session to close 6 paise lower at 83.23 yesterday. Rupee was dragged down by massive selling in local equity markets and strengthening American currency overseas. Indian shares ended deep in the red on Thursday, with key benchmark indexes Sensex and Nifty falling for the sixth straight session on interest-rate concerns and lingering Middle East tensions. NIFTY dipped to a four month low near 18800 mark yesterday. FII offloaded shares worth net Rs 7,702.53 crore yesterday, adding to recent selling spree. For the month till October 26, 2023, FIIs have sold shares worth net Rs 25,098.60 crore. This can keep the INR under check in near term. The local currency currently quotes flat at 83.24 per US dollar.